Best CareShield Life Supplement Plans Singapore 2024

What are CareShield Life Supplements?

CareShield Life supplements are plans that are sold by private insurers and provide additional benefits on top of CareShield Life. The main purpose of these plans is to provide additional monthly payouts on top of the S$600 per month you will receive if you get into an accident or suffer an illness that renders you disabled.

Singlife CareShield Standard and Singlife CareShield Standard Plus plans provide a plethora of benefits not generally seen with other CareShield supplement plans, making them a good choice for people looking for maximum coverage. In addition to standard benefits like an additional monthly payout option of up to S$5,000 per month, Singlife with Aviva also offers additional coverage for the dependent care benefit, caregiver benefit and death benefit. These additional coverages provide an increased umbrella of financial protection for everything (and everyone) that a disabled person might require. While both plans offer most of the same benefits, Singlife CareShield Standard Plus provides coverage for less severe disabilities, as it defines a severe disability as the inability to perform 2 out of the 6 Activities of Daily Living (ADL) rather than 3.

Since pricing wasn't available, we compared pricing using Aviva's illustrative profile and found that premiums range between 20%-46% more for Singlife CareShield Standard and 7%-35% for Singlife CareShield Standard Plus. You can pay premiums up to the policy anniversary after your 97th birthday or pay for a limited period either up to the policy anniversary after your 67th birthday or for 20 years if you are older than 49. Lastly, you should note that if you choose to have increasing payouts, your premiums will increase accordingly.

Great Eastern's GREAT CareShield plans are relatively inexpensive options that can be useful for people who want coverage for mild disabilities. However, while both provide some form of payout if you are unable to do 2 out of the 6 Activities of Daily Living (ADL), GREAT CareShield Advantage will be the better choice if you're looking for coverage for minor disabilities since it provides a lump sum payout if you are unable to do just 1 ADL. That being said, both options still provide a premium waiver if you are disabled and unable to perform 1 ADL.

We mentioned earlier that Great Eastern's supplemental plans are reasonably priced. This is because premiums for a 35-year old cost 3-34% less Income and Aviva's plans. Great Eastern's premiums are fixed and you can choose to pay them up until the policy anniversary on your 65th or 80th birthday.

Income's Care Secure plan can be a good option for people who want to make sure their dependents will be well taken care of in the event of a disability. Income provides between S$1,200 and S$5,000 of additional monthly payouts for life, although there's one caveat not seen with other insurers. For moderate disabilities—inability to perform 2 Activities of Daily Living (ADL)—Income will pay the full disability benefit you have chosen. However, in the event you suffer a severe disability (inability to perform 3 ADLs), Income will pay you 100% of the disability benefit minus your CareShield Life benefit. Additional benefits include 25% of the disability benefit for your dependents, an up to 600% support benefit payout, a premium waiver and a 300% of your disability benefit death waiver.

Due to the dependent and death benefits being larger than what other plans offer, Income Care Secure can be well suited for people who have dependents. Since a disability can easily leave you out of work and without a solid income, this supplemental plan can fill in the missing gaps for families who are dependent on one source of income. It is also the cheapest option for people who want a full payout for a moderate disability. That said, because Income's payouts for severe disabilities includes the CareShield Life benefit, it may not be the best option for people looking to maximise coverage against severe disabilities.